Outlets Invade Canada

Elaine Misonzhnik writes about a planned collaboration between American developer Tanger and Canadian developer RioCan to build more outlets to Canada:

"Canadian consumers love the outlet center format, but up until now, they've had to travel to the U.S. to do outlet shopping, adds Merrie Frankel, an analyst with Moody's Investors Service whose coverage includes Canadian REITs [Real Estate Investment Trusts]. As of 2009, there were only 13 outlet or value centers in Canada, totaling roughly 4.6 million square feet, according to Value Retail News, an industry publication. In contrast, Tanger alone owns 32 outlet centers in the U.S., totaling 9.8 million square feet."